We explain what equity release is and the key differences between the two main forms of this - lifetime mortgages & home reversion.
Equity release has grown significantly in recent years. It appeals to homeowners approaching or already in retirement. It’s a tax free way of unlocking the cash value of your home while still living in it.
Equity release is basically a mortgage that isn’t paid off until you die. While it will give you more money with which to enjoy your retirement it will mean that there is less for your family to inherit.
There are two main forms of equity release:
1. A Lifetime mortgage – for those aged 55+. You borrow a portion of your property’s value either as a lump sum or on drawdown. You pay interest on the amount borrowed but this can be added to the debt.
2. A Home reversion plan – for those aged 60+. The lender takes a % share of your home in exchange for a lump sum. After you die the house is sold and the lender receives its % share of the sale value.
Always take great care entering into any equity release arrangement. There may be other more cost effective ways to meet your financial needs. Find out more at our website where you can also request a free quotation.
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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- Equity Release: https://www.solution-loans.co.uk/equity-release/
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Like us on Facebook: https://www.facebook.com/SolutionLoansUK/
Follow us on Twitter: https://twitter.com/solutionloansuk
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Website: https://www.solution-loans.co.uk/
Subscribe to our YouTube channel: https://bit.ly/solutionloansYT
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▶️ ABOUT SOLUTION-LOANS.CO.UK
Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.
We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.
Equity release has grown significantly in recent years. It appeals to homeowners approaching or already in retirement. It’s a tax free way of unlocking the cash value of your home while still living in it.
Equity release is basically a mortgage that isn’t paid off until you die. While it will give you more money with which to enjoy your retirement it will mean that there is less for your family to inherit.
There are two main forms of equity release:
1. A Lifetime mortgage – for those aged 55+. You borrow a portion of your property’s value either as a lump sum or on drawdown. You pay interest on the amount borrowed but this can be added to the debt.
2. A Home reversion plan – for those aged 60+. The lender takes a % share of your home in exchange for a lump sum. After you die the house is sold and the lender receives its % share of the sale value.
Always take great care entering into any equity release arrangement. There may be other more cost effective ways to meet your financial needs. Find out more at our website where you can also request a free quotation.
------
▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- Equity Release: https://www.solution-loans.co.uk/equity-release/
------
▶️ SOCIAL
Like us on Facebook: https://www.facebook.com/SolutionLoansUK/
Follow us on Twitter: https://twitter.com/solutionloansuk
Follow us on Instagram: https://www.instagram.com/solutionloans/
Website: https://www.solution-loans.co.uk/
Subscribe to our YouTube channel: https://bit.ly/solutionloansYT
------
▶️ ABOUT SOLUTION-LOANS.CO.UK
Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.
We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.
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